Abacus Announces $500,000 Financing
October 16 2018 - 8:00AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce a non-brokered private
placement for proceeds of up to $500,000 through the issuance of up
to 5,000,000 units (the "Units") at a price of $0.10 per
Unit. Each Unit will consist of one common share of the
Company (a “Unit Share”) and one full non-transferable common share
purchase warrant (a “Warrant”), with each Warrant exercisable to
purchase one additional common share of the Company at a price of
$0.20 per common share for a period of 3 years from the date of
closing of the financing.
The financing is subject to TSX Venture Exchange
(TSXV) approval. The Company may pay finder’s fees on a portion of
the private placement in accordance with applicable securities laws
and the policies of the TSXV. All securities issued will be subject
to a four month hold period under Canadian securities law.
Proceeds from the financing will be applied
towards the Company's exploration commitments and for general
working capital and corporate purposes. The Company holds
options and leases on the Willow and adjacent Nev-Lorraine
copper-molybdenum properties in the Yerington copper camp,
southeast of Reno, Nevada. The properties are collectively known as
the Willow Project.
The Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Advanced projects in the camp
include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Mason
Resources, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at
0.4% Cu) which is in development, and Quaterra Resources’ MacArthur
oxide project (M&I of 159MT at 0.212% Cu) which is in
prefeasibility.
Abacus has the right to earn a 75% ownership
interest in the Willow property from Almadex America Inc, a wholly
owned subsidiary of Almadex Minerals Ltd. (see News Release dated
February 15, 2017). The Company also has a lease on the contiguous
Nev-Lorraine claims giving it the right to explore and to elect to
purchase these claims outright over a ten-year period (see News
Release dated February 6, 2018).
The technical information in this news release
has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo.,
a Qualified Person within the meaning of National Instrument
43-101.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About AbacusAbacus is a mineral exploration and
mine development company currently focused on its optioned Willow
copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous
Nev-Lorraine claims subject to a ten-year lease agreement.
The Company also holds a 20% ownership interest, together
with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax
Mine located southwest of Kamloops, B.C., which has recently
undergone a joint provincial and federal environmental assessment
process. On December 14, 2017, a decision was made by the B.C.
Minister of Environment and Climate Change Strategy and the
Minister of Energy, Mines and Petroleum resources to decline to
issue an environmental assessment certificate for the Project.
For the latest reports and information on Abacus’ projects,
please refer to the Company’s website at www.amemining.com.
Forward-Looking InformationThis release
includes certain statements that are deemed “forward-looking
statements”. All statements in this release, other than statements
of historical facts, that address events or developments that
Abacus expects to occur, are forward-looking statements. Forward-
looking statements are statements that are not historical facts and
are generally, but not always, identified by the words “expects”,
“plans”, “anticipates”, “believes”, “intends”, “estimates”,
“projects”, “potential” and similar expressions, or that events or
conditions “will”, “would”, “may”, “could” or “should” occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include changes
to commodity prices, mine and metallurgical recovery, operating and
capital costs, foreign exchange rates, ability to obtain required
permits on a timely basis, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward- looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. Except as
required by applicable securities laws, the Company undertakes no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Contact:Niina
Makela604-724-8280nmakela@amemining.com
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